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Commodity prices fall for second day as Europe opens Commodity prices fall for second day
(40 minutes later)
Commodity prices have fallen for a second day in early trading in Europe, led by another drop in crude oil.Commodity prices have fallen for a second day in early trading in Europe, led by another drop in crude oil.
It comes after markets were hammered by one of the biggest sell-offs in two years on Thursday. It comes after markets were hit by one of the biggest sell-offs in two years on Thursday.
Brent crude fell 4.3% to below $106 a barrel, adding to a 8.6% drop on Thursday, and bringing its cumulative fall over the past week to over 16%. Brent crude fell 5.8% to $105.15 a barrel, adding to an 8.6% drop on Thursday, and bringing its cumulative fall over the past week to almost 17%.
Industrial metals such as copper also saw further falls, as did some foodstuffs. Industrial metals such as copper also saw further falls, as did cotton and some foodstuffs.
But commodities had gained back some of their Thursday losses, as during Asian trading hours buyers were attracted by the cheaper prices. Copper futures were down a further 1.75%, following a 6% slide the day before.
Victor Shum of Purvin and Gert energy consultants said oil markets were clawing back some of their losses, as traders capitalised on cheap crude prices and bought back into the market. Meanwhile, the price of US sweet, light crude oil fell a further 2.9% on Friday morning to $95.73 a barrel.
However, precious metal prices - such as gold and silver - held steady, despite having previously followed other commodities sharply lower during Thursday's market rout.
Rebound short-lived
Earlier in the day, during Asian trading hours, commodity prices had recovered some of the ground lost on Thursday as buyers were attracted by the cheaper prices.
Victor Shum of Purvin and Gert energy consultants said oil markets were clawing back some of their losses, as Asian traders capitalised on cheap crude prices and bought back into the market.
"Prices are up but this is not unusual after a massive sell-off, we are observing some market participants considering this as a buying opportunity," he said."Prices are up but this is not unusual after a massive sell-off, we are observing some market participants considering this as a buying opportunity," he said.
But with the open of trading in Europe, these gains were quickly wiped out as the market pushed lower.But with the open of trading in Europe, these gains were quickly wiped out as the market pushed lower.
Analysts warn the volatility in the markets could remain.Analysts warn the volatility in the markets could remain.
"When you have this kind of damage, it will take several weeks, or maybe several months... for confidence to be rebuilt," said Dennis Gartman, author of a markets guide."When you have this kind of damage, it will take several weeks, or maybe several months... for confidence to be rebuilt," said Dennis Gartman, author of a markets guide.
"It's not the end of the commodities cycle, not even close. You still have to call this a correction. It's a sizable one and scared the heck out of everybody.""It's not the end of the commodities cycle, not even close. You still have to call this a correction. It's a sizable one and scared the heck out of everybody."
Asian markets slid in reaction to the commodities falls of Thursday. Asian stock markets slid in reaction to Thursday's commodity price falls, while European markets fell moderately in early trading.
The Nikkei 225 index ended the day 1.5% lower, while Hong Kong's Hang Seng index slid 0.5%.The Nikkei 225 index ended the day 1.5% lower, while Hong Kong's Hang Seng index slid 0.5%.